Marriage Loan

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Personal Loan to Fund the Marriage
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Why Use Marriage Loan to Fund a Wedding? 

• A marriage in family is synonymous with joy and
  festivity.
• We, Indians, spent lavishly on a wedding, which
  is synonymous with huge expenses.
• Sometimes, these expenses go out of your budget
  and you may feel fund crunch.
• This fund crunch acts as a party blooper.
• A marriage loan, at this stage, helps you to
  manage both your planned and unplanned expenses
  during a wedding.
• Many lenders are available in the market with
  unique offers. 
• With the help of Afinozs financial advice and
  guidance, you can apply for the best marriage
  loan with the cheapest loan interest rate,
  instant approval, and real-time application
  tracking.

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Marriage Loans

• Amount Avail from ? 50K to ? 30 Lakhs.
• CIBIL Score Score above 700 makes a winning
  marriage loan application.
• Eligibility
• A person earning as low as ? 15K can apply for
  and get a marriage loan.
• The age of the applicant should be between 21 to
  60 years.
• Another important criterion is employment
  stability of 2 years.
• Documents Basic KYC documents including identity
  and residential proof along with 2 passport size
  photographs. 

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Check these Factors while applying for Wedding
Loans

• Interest Rate  There are loans available for
  individuals with bad credit as well, but with a
  higher interest rate. Interest rates determine
  financial planning and how much total money
  required.
• Loan tenure You can easily choose tenure to
  repay the loan amount, from 1 month to 6 years.
  You need to pay more rate of interest if you
  select a longer tenure to repay the loan. Your
  loan tenure also plays a key role. Higher the
  tenure lower would be your monthly payments.
• Hidden charges These include 
• Processing Fee Typically ranges between 2 to
  3.
• Pre-payment penalty
• EMI bounce charges
• Late payment penalty

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Pros of Marriage Loan

• Flexible to use. Yes, as per your convenience,
  you can outlay the money for various marriage
  purposes like food, decoration and orchestra
  booking.
• These loans get quickly approve.
• You can easily choose tenure to repay the loan
  amount, from 1 to 5 years.
• No security is needed to avail the loan. It is
  good for those who are not able to fulfill this
  formality. 

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Pros of Marriage Loan (Contd.)

• If you have a good credit score, you can enjoy
  the lower rate of interest it shows better
  previous financial records. Banks don't want to
  lose customers with good credit scores, that's
  why they give a good rate of interest to those
  who are having good repayment capacity. 
• A marriage loan can help you build credit
  portfolio. 
• It is also advantageous for you to know if you
  have the ability to pay the loan within the
  shorter period of time because then you would be
  able to pay the less, interest will be lower for
  a shorter tenure. 
• It leads to fast remittances to your bank account.

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Cons of Marriage Loan 

• Marriage loan are unsecured loans,
• Lender charges borrower with a higher interest
  rate. 
• As compared to the other loans the loan amount
  that you get is not so high.
• There is a lack of flexibility being offered to
  the applicant. 
• These loans are supported only by the trust. As
  per the lender's point of view, you are on more
  risk. 
• You need to pay more rate of interest if you
  select a longer tenure to repay the loan.  

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SBI Marriage Loan

• The minimum loan amount you can borrow is ? 24K
  for metro/urban areas and ? 10K
  for rural/semi-urban areas. 
• You can get a maximum loan of up to 12 times your
  NMI (Net Monthly Income). 
• SBI personal loan offers flexible repayment
  tenures up to 48 months .
• Self-employed individuals need to show a minimum
  2 years of experience in their relevant fields.
• No need of security. 
• The documentation procedure is absolutely simple
  and hassle-free.
• The SBI does not levy any prepayment charge upon
  you. 
• SBI charges a nominal processing fee in the range
  of 2 to 3 the service tax as applicable. 

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HDFC Marriage Loan

• Highly flexible. You can avail such a loan for
  any wedding related expenses. No restrictions are
  imposed on the intended use of the funds. 
• You can avail the funds instantly. If you are an
  HDFC customer, you can avail a pre-approved loan
  in just 10 seconds. The funds will be disbursed
  to your account with no or little documentation.
  You can get this loan under 4 hours if you are
  not an HDFC customer. 
• For availing this loan, you need to be in the age
  group of 21 to 60 years.
• If you have a good credit history, an HDFC
  marriage loan will be available to you at highly
  competitive interest rates (as low as ? 2187 per
  lakh).
• You can repay the HDFC Personal loan in
  affordable EMIs.
• You can choose any tenure in the range of 1 to 5
  years. 
• No need of security. 
• The HDFC Bank levies a processing fee of 2.5 of
  the loan amount.

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Thank You !!!